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Answer :
An apartment of 1300 square feet in the town center is estimated to cost $1,965, while the same size apartment in the suburbs would cost $1,665.
To estimate the monthly rent for an apartment, we substitute the values into the linear regression equation.
The equation is given as y = 145 + 1.4x + 300x where x1 represents the square footage, and x2 is 1 if the apartment is located in the town center and 0 otherwise.
a) For an apartment with 1,300 square feet in town center:
We use the values x1=1300 and x2=1.
The monthly rent is calculated as y = 145 + 1.4(1300) + 300(1) = $1,965
b) For an apartment with 1,300 square feet in the suburbs:
We use the values x1=1300 and x2=0.
The monthly rent is calculated as y = 145 + 1.4(1300) + 300(0) = $1,665
To know more about linear regression:
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